Major International Business Headlines Brief::: 17 January 2018

Wed Jan 17 10:25:38 CAT 2018

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Major International Business Headlines Brief::: 17 January 2018

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*  Scandal-hit KPMG South Africa appoints new chairman

*  Nigeria expects $700 mln from international sources: DMO

*  Malawi's December inflation slows to 7.1 pct y/y - official data

*  De Beers turns to blockchain to guarantee diamond purity

*  Ivory Coast aims to raise 1,310.7 bln CFA francs in 2018 bonds

*  South Africa's rand eases investors trade cautiously

*  South African court authorizes freezing of $130 mln in McKinsey case:
source

*  South Africa's central bank adds seventh member to monetary policy
committee

*  Nigeria's exchange to be publicly listed once bill is signed

*  UK inflation rate drops back to 3%

*  Nestle sells Crunch, Nerds and other US brands to Ferrero for $2.8bn

*  McDonald's aims for fully recycled packaging by 2025

*  Australia files WTO complaint over Canada wine sales

*  Detroit Auto Show: Firms bet on trucks to boost US sales

 <mailto:info at bulls.co.zw> 

Scandal-hit KPMG South Africa appoints new chairman

JOHANNESBURG (Reuters) - The South African arm of global audit firm KPMG
said on Wednesday it had appointed veteran public servant and former
chairman of the Development Bank of Southern Africa Wiseman Nkuhlu as its
chairman.

KPMG sacked its South African leadership in September after it found work
done for companies owned by the Gupta family, accused by a public watchdog
of improperly influencing government contracts, “fell considerably short” of
its standards.

The Guptas, who are close to President Jacob Zuma, have consistently denied
wrong-doing.

 <mailto:info at bulls.co.zw> 

Nigeria expects $700 mln from international sources: DMO

ABUJA (Reuters) - Nigeria expects to raise $700 million from international
sources as part of a $3.5 billion in borrowing earmarked in the 2017
spending plan, the Debt Management Office (DMO) said on Tuesday.

The DMO gave no details of which sources the government could tap but
director general Patience Oniha told Reuters in October the country is
talking to the World Bank about concessionary loans.

The government raised $2.8 billion in the international market last year,
selling $2.5 billion in Eurobonds in November and another $300 million via
Diaspora bonds earlier.

The debt office said the country raised 1.254 trillion naira from the
domestic debt market last year and released around the same amount for
capital projects over six months due to delays in implementing the budget.

The DMO expects more capital release as the 2017 budget is still being
implemented.

Nigeria has faced budget implementation delays for years due to
disagreements between lawmakers and the presidency over plans on how the
supply of state funds to the tiers of government should be allocated.

Malawi's December inflation slows to 7.1 pct y/y - official data

LILONGWE (Reuters) - Malawi’s consumer inflation slowed to 7.1 percent
year-on-year in December from 7.7 percent in November, official data from
the National Statistical Office showed on Wednesday.

De Beers turns to blockchain to guarantee diamond purity

LONDON (Reuters) - Anglo American’s diamond unit De Beers aims to launch the
first industry-wide blockchain this year to track gems each time they change
hands starting from the moment they are dug from the ground, its chief
executive said on Tuesday.

De Beers, the world’s biggest diamond producer by the value of its gems, has
led industry efforts to verify the authenticity of diamonds and ensure they
are not from conflict zones where gems could be used to finance violence.

For De Beers, cast-iron guarantees its stones are ethically sourced are
vital to maintaining consumer confidence. It sells technology across the
industry to help prevent anyone trying to pass off synthetic stones as
natural.

The firm also works with the rest of the industry and governments to support
the Kimberley Process set up in 2003 to increase transparency and eliminate
trade in conflict diamonds.

The firm says blockchain, the technology underpinning cryptocurrencies such
as bitcoin, complements its existing methods. It offers a secure way to
track diamonds and can provide a digital record they are conflict-free, it
says.

“It’s a huge public ledger as immutable as anything invented,” CEO Bruce
Cleaver told Reuters in reference to blockchain. “It’s a much more
un-hackable system than anything on a single server.”

Blockchain is a shared database of transactions maintained by a network of
computers on the internet that is best known as the system underpinning
bitcoin.

The diamond blockchain, which De Beers says will be the first to span the
entire value chain, would be open to everyone in the industry and would
offer the potential for monitoring each stone.

“It has the ability to be very significant for the industry,” Cleaver said
in a telephone interview, adding it could reassure banks financing the
industry and would make the mining supply chain more efficient and
transparent.

Blockchain could also help guarantee the ethical origins of other minerals,
such as those used in electric vehicles.

Startup firm Everledger, which uses emerging technology to eliminate fraud
and other corporate risks, said it had been using blockchain to track the
provenance of diamonds since 2015.

De Beers began its pilot project this month after several months of
research, responding to a rising number of customers wanting guarantees
diamonds had not been used to fund conflicts.

“It’s a bold step going public with a pilot, but we’re going public because
we’re interested in the entire industry participating,” Cleaver said.

He declined to name those taking part in the pilot, saying only that they
included De Beers sightholders, the term used for its accredited diamond
buyers.

Cleaver said the problems associated with using blockchain for bitcoin, such
as excessive energy use, need not impact other applications as new
technology was more energy efficient.

Ivory Coast aims to raise 1,310.7 bln CFA francs in 2018 bonds

ABIDJAN (Reuters) - Ivory Coast aims to raise 1,310.7 billion CFA francs
($2.35 billion) in bonds on the regional CFA franc market in 2018, treasury
director Jules Coulibaly told Reuters on Tuesday.

The sum would be an increase on the 1,296.8 billion CFA francs collected
last year and will go towards financing the budget, Coulibaly said.

He said the country will raise 325 billion CFA francs in the first quarter,
including a 35 billion CFA franc bond launched on Tuesday.

South Africa's rand eases investors trade cautiously

JOHANNESBURG (Reuters) - South Africa’s rand weakened on Wednesday, giving
back gains that lifted it to its firmest level in 2-1/2 years as caution
crept back into the market and some investors held off extending long
positions in the currency.

South African court authorizes freezing of $130 mln in McKinsey case: source

JOHANNESBURG (Reuters) - A South African court has authorized the freezing
of 1.6 billion rand ($130 million) in assets earned by global consultancy
McKinsey and a firm linked to friends of President Jacob Zuma, a source at
the state prosecutors’ office told Reuters.

The Pretoria High Court made the decision in December after a request by the
National Prosecuting Authority (NPA) to freeze the fees earned by McKinsey
and local consultancy Trillian for advising South African power utility
Eskom.

Privately-held McKinsey, one of the world’s largest management
consultancies, has already lost several clients over the contract.

This month Zuma agreed to set up a commission of enquiry into allegations of
influence peddling by the Gupta brothers, who controlled the firm McKinsey
partnered with on the 1.6 billion rand contract to advise Eskom in 2016.

Separately, parliament is investigating whether McKinsey knowingly let funds
from Eskom be diverted to Trillian as a way of securing the contract.

“On Dec. 14, 2017, the NPA obtained a preservation order from the Pretoria
High Court to preserve assets worth around 1.6 billion rand relating to
Trillian and McKinsey,” said the NPA source, who declined to be identified.

“Tomorrow parties in the case will be served with the order,” the source
said. The order allows prosecutors to freeze assets pending the outcome of
an investigation.

A spokesman for McKinsey said on Monday it had not received formal
communication about the preservation order.

“As we have said before ... we will return the fee we earned from the Eskom
turnaround programme (R1.028bn) no matter what,” the spokesman said in an
email to Reuters.

McKinsey will cooperate with South African authorities in their
investigations into the case, he added.

McKinsey launched its own investigation into its handling of the partnership
with Trillian and says it ceased work with the firm in March 2016 after due
diligence showed links to the Gupta brothers.

Trillian did not respond to a request for comment from Reuters on Monday.
When contacted in November by Reuters, Trillian denied wrongdoing relating
to the Eskom contract.

Both Zuma and the Guptas deny wrongdoing. Zuma’s spokesman did not reply to
a Reuters request for comment.

The court decision is one of the first instances in which authorities have
acted on allegations of wrongdoing by three Gupta brothers, Ajay, Atul and
Rajesh, who South Africa’s anti-corruption watchdog accuses of siphoning off
public funds.

Deputy President Cyril Ramaphosa was elected last month to replace Zuma as
leader of the ruling African National Congress, putting him in pole position
to become South Africa’s next president.

He ran on a pledge to root out cases of corruption in government and on
Saturday he said the judicial enquiry which Zuma agreed to set up should be
given top priority.

($1 = 12.3221 rand)

South Africa's central bank adds seventh member to monetary policy committee

JOHANNESBURG (Reuters) - South Africa’s central bank said on Tuesday it had
appointed Fundi Tshazibana as the seventh member of its monetary policy
committee, and that the former IMF staffer will also act as advisor to the
current governors.

In a statement, the Reserve Bank said Tshazibana had 17 years of experience
in public policy analysis and formulation. She has previously worked at the
International Monetary Fund, National Treasury, and the National Energy
Regulator of South Africa.

Tshazibana becomes the first female member of the interest-rate-setting body
since Gill Marcus quit as governor in 2014.

Nigeria's exchange to be publicly listed once bill is signed

LAGOS (Reuters) - The Nigerian Stock Exchange (NSE) expects a bill that will
allow it to be publicly listed will be signed into law this year, its chief
executive Oscar Onyema said on Tuesday.

The second-biggest exchange in sub-Saharan Africa after Johannesburg and a
main entry point for investors in Africa, the Nigerian bourse last year got
a green light from its members, mostly stockbrokers and some institutional
investors, to become a publicly listed company.

The exchange’s CEO, Oscar Onyema, has said he expects the public listing, a
process known as demutualisation, to generate profits that will boost its
business and product development capacity.

The Johannesburg Stock Exchange, the continent’s most developed stock
market, has been a listed company since 2006.

“In 2017, we amplified our efforts to establish West Africa’s first
derivatives market,” Onyema told analysts discussing the outlook for 2018.

“We also worked to create and enhance legal and regulatory frameworks which
support derivative instruments, and have made significant progress towards
securing approvals to operationalize these frameworks.”

The equities market in Nigeria was the third best-performing market in the
world in 2017 after the central bank liberalised the naira for foreign
investors, a move which lured back funds that been pulled out at the peak of
a currency crisis.

Onyema attributed last year’s performance partly to central bank policies
that helped increased currency market liquidity.

He added that he expected corporate earnings to lift equities this year,
despite currency and political risks, after stocks crossed 44,000 points to
hit a nine-year high on Tuesday.

Stocks gained 42 percent last year and have continued to rally this year,
rising 13 percent in the first 11 days of trading.

Onyema said the market for initial public offerings remained inactive,
noting that there are plans to revive new issues.

Nigeria’s bourse has around 200 listed companies and plans to launch
exchange-traded derivatives securities this year.

UK inflation rate drops back to 3%

The UK's inflation rate has fallen for the first time since June, mainly
because of the impact of air fares.

The inflation rate dipped to 3% in December, down from November's rate of
3.1% - a six-year high.

The Office for National Statistics (ONS) said that while air fares rose last
month, it had a smaller impact than at the same point in 2016.

It added that a drop in the price of toys and games also contributed to
December's fall.

The ONS said it was too early to say whether this was the start of a
longer-term reduction in the rate of inflation.

The Bank of England has said it thinks inflation peaked at the end of 2017
and will fall back to its target of 2% this year.

The rate had been rising over the past year, partly due to the fall in the
value of the pound since the Brexit vote which has pushed up the cost of
imported goods.

Graph of inflation rate changes over three years

In November, the Bank's Monetary Policy Committee (MPC) raised its key
interest rate for the first time in more than a decade from 0.25% to 0.5%.

But Samuel Tombs, chief UK economist at Pantheon Macroeconomics, said: "The
continued weakness of underlying price pressures means that the MPC has
little need to rush the next rate hike."

Midlands sees biggest house price rises

UK manufacturing output best for 10 years

Aberdeen Standard Investments chief economist Lucy O'Carroll agreed there
was no need for another quick rise in interest rates, but said: "What
matters most for the long-term health of the UK economy is improving its
productivity performance.

"If we can do that then the Bank of England may be able to keep rates low
for a lot longer. But on recent experience, improving productivity is much
easier said than done."

What a difference a 10th of a percentage point makes.

Inflation in the year to December was 3%, rather than the previous 3.1%,
naturally generating predictions that it has now peaked.

One of the biggest factors driving inflation has been the inflated price of
imports following the Brexit vote feeding through to the shops.

Yes, the vote and the devaluation of the pound following it was more than a
year-and-a-half ago. But because many retailers buy their stock a year or
two ahead, they have only felt the impact of costlier imports in the last
few months.

For the same reason the recent rally in sterling, which if it lasts should
bring down the cost of imports, isn't yet benefiting consumers. In fact,
taking goods prices separately from services, inflation at 3.4% is higher
than it's been for more than five years.

Even if inflation more broadly has peaked, the Bank of England has to bring
it down over the next two to three years closer to its 2% target.

On that basis trading in the City currently forecasts the next interest rate
rise will take place in August.

Wage growth

Laith Khalaf, senior analyst at Hargreaves Lansdown, said that the drop in
inflation was not enough to "significantly ease the pressure on UK household
spending" because wages were still rising by less than the rate of
inflation.

However, he said that if that situation changed then "a sustained trend of
falling inflation and better wage growth could spell happier times for the
UK consumer, and the UK economy".

Howard Archer, chief economic adviser to the EY Item Club, said: "We suspect
that relatively lacklustre economic growth will continue to limit domestic
price pressures.

"Earnings growth seems likely to pick up only gradually as some firms remain
keen to limit their total costs in a challenging and uncertain environment.

"Fragile consumer confidence may also deter some workers from pushing hard
for increased pay rises, despite recent higher inflation and a tight labour
market."

The Retail Prices Index (RPI), a separate measure of inflation, rose to 4.1%
last month from 3.9% in November.

The ONS's preferred measure of inflation, CPIH, which includes
owner-occupiers' housing costs, fell to 2.7% in December, down from 2.8% the
month before.--BBC

Nestle sells Crunch, Nerds and other US brands to Ferrero for $2.8bn

Nestle is selling its US sweets and chocolate business to Ferrero Group for
2.7bn Swiss Francs ($2.8bn; £2bn).

The Swiss food giant said it was offloading brands such as Crunch, Nerds,
Runts and Butterfinger to focus on other products.

Italy's Ferrero, which makes Nutella spread, Tic Tac and Ferrero Rocher,
will become the US's third biggest confectionery maker.

The deal is expected to go through by March this year.

Ferrero said the brands would give it "substantially greater scale" and "a
broader offering of high-quality products" for US customers.

'Australia's Crunchie' back in local hands

Healthy steps?

The US confectionary market is the largest in the world, worth about $8bn a
year according to Ibis World.

Nestle said it was still committed to Kit Kat and other international
confectionery brands.

But Nestle lags behind the likes of Mars, Hershey and Lindt, and said its
candy business made up just 3% of its US sales.

The deal would allow it to "invest and innovate" in other areas where it saw
future growth or where it was already a market leader, said Nestle's chief
executive Mark Schneider in a statement.

These include pet care, bottled water, coffee, frozen meals and infant
nutrition, he added.

Some analysts see the decision to get rid of the business, which also
includes children's favourites like Laffy Taffy, Chewy Gobstopper and
BabyRuth, as another step by Nestle to focus on healthier products.

Since Mr Schneider took over last year, the Swiss business has bought
companies that make vegetarian meals, vitamins and luxury coffee.

However, Nestle has said it is still wholly committed to its international
chocolate brands such as KitKat.--BBC

McDonald's aims for fully recycled packaging by 2025

Fast food giant McDonald's has said all its packaging worldwide will come
from sustainable sources by 2025.

The restaurant chain will aim to get all items like bags, straws, wrappers
and cups from recycled or renewable materials, up from half currently.

McDonald's also wants 100% of its restaurants to recycle packaging by then,
compared with only 10% now.

It comes as UK supermarket Iceland has promised to drastically reduce its
plastic packaging by the end of 2023.

Both companies said there was an overwhelming demand from customers to make
packaging more environmentally friendly.

'Part of the solution'

Francesca DeBiase, McDonald's chief supply chain and sustainability officer,
said it was customers' number one request "to use less packaging, sourced
responsibly and designed to be taken care of after use".

In the UK, sites no longer use foam packaging and more than 1,000
restaurants have recycling bins for plastics and paper cups.

However, the world's biggest restaurant chain, which has 37,000 sites
worldwide, said some restaurants might struggle to recycle packaging by
2025.

That is because infrastructure, regulations and customer behaviour vary
around the world, but McDonald's "plans to be part of the solution".

Friends of the Earth welcomed the news, but said "speedier action in some
countries, such as the UK is surely possible".

McDonald's is already aiming for all its paper and card packaging, such as
burger boxes or paper bags, to come from recycled or certified sources where
no deforestation occurs by 2020.

In the UK, retailers have faced outcries over the packaging of coconuts and
cauliflower "steaks", and shoppers have reacted to vivid images of plastic
pollution in Sir David Attenborough's Blue Planet programme.

Iceland is aiming to remove plastic from the packaging of more than 1,000
own-brand products within the next five years wherever feasible.

New ranges will be packaged using a paper-based tray, rather than plastic.

Nigel Broadhurst, joint managing director of Iceland, explained the typical
ready meal was packaged in a particularly bad way.

"It is currently in a black plastic tray. That black plastic is the worst
possible option in terms of toxins going into the ground and the ability to
recycle that product," he told the BBC.

In the UK, Prime Minister Theresa May has pledged to ban all avoidable
plastic waste in the UK by 2042.

Do you have a question about plastic recycling? Let us know.

Use this form to ask your question:

If you are reading this page on the BBC News app, you will need to visit the
mobile version of the BBC website to submit your question on this
topic.--BBC

Australia files WTO complaint over Canada wine sales

Australia has filed a trade complaint that accuses Canada of placing
"discriminatory" rules on the sales of imported wine.

The formal objection, lodged with the World Trade Organization (WTO),
follows a similar complaint made by the US last year.

Australia says regulations in Canada unfairly disadvantage wines produced
overseas.

Canada is Australia's fourth-biggest wine market.

"In this case we've got a number of provinces in Canada that are putting in
place pro-protectionist policies," Australian Trade Minister Steve Ciobo
told the Australian Broadcasting Corp.

"I'm not going to stand by and see Aussie exporters jeopardised."

Like the US, Australia has protested against rules in the province of
British Columbia, where local wines can be sold in grocery shops but
imported wine must be sold in a "store within a store" with a separate cash
register.

But Canberra's objection also targets policies in Ontario, Quebec and Nova
Scotia, as well as federal measures, which "appear to discriminate against
imported wine", allegedly in violation of a WTO agreement.

Those measures include higher price mark-ups for imported wines, as well as
various other barriers to sale, the complaint says.

Mr Ciobo said Canadian rules had the potential to threaten jobs in
Australia.

Australia's WTO complaint is what is known as a request for consultations.
If the issue is not settled within 60 days, Australia could ask for an
adjudication by the WTO.

Last week, Canada accused the US of breaking international trade rules over
how it investigates products for subsidies and below-cost sales.--BBC

Detroit Auto Show: Firms bet on trucks to boost US sales

Carmakers are focusing on pickup trucks and SUVs as they seek to counter
falling sales in the US.

Sales of new vehicles in the world's second-largest market dropped 2% last
year to 17.2 million, the first fall since 2009.

This year is expected to see another fall in sales, but carmakers hope a
focus on the American stalwarts of pickups and SUVs will help.

Pickup trucks tend to enjoy more robust sales and have higher profit
margins.

General Motors, Ford and Fiat Chrysler have all rebooted their pickup truck
offerings at the Detroit Auto Show this week, while BMW and Lamborghini are
among those unveiling new SUVs.

Pickup trucks account for about 15% of the US market and have higher profit
margins. Jonathan Smoke, chief economist at Cox Automotive, said sales of
the models also tend to be less cyclical than other kinds of cars and the
models appeal to buyers - like construction contractors - that are poised to
benefit from new US tax cuts.

However, SUVs already account for more than 40% of US sales, and next year
carmakers will be facing an influx of cheaper, used SUVs that could
undermine sales of newer models. The possibility of higher gas prices pose
another risk.

"We think 2018 is going to be challenging for the kind of growth that
segment has enjoyed," Mr Smoke said.

The continued appetite for SUVs and trucks - traditionally gas guzzlers,
though the efficiency has improved - underscores one of the problems facing
car companies.

Prodded by government emissions rules, firms are investing heavily in
electric vehicles. But so far, buyer enthusiasm hasn't matched the buzz.

Executives at Daimler and Fiat Chrysler warned at the show on Monday that
firms would struggle to reach European targets for emissions from their
fleets.

In the US, where fuel remains cheap and emissions targets are under review,
electric cars represent less than 1% of the market, according to Thomas
Libby at research firm IHS Markit. "It's tiny," he said.

Mr Smoke said electric cars have had success with high-end American buyers,
but it will take some time - and lower prices - to make inroads in the wider
market.

Nicolas Peter from BMW said governments and other companies would need to do
more to encourage widespread adoption of the cars.

"To accelerate electric powered cars across the world, we need not only the
technology in the car, we need infrastructure," he said.

"It will only develop if we have strong co-ordination between the car
manufacturers, providers of electric power and the different mayors and
governments across the world."-BBC

INVESTORS DIARY 2018

Company

Event

Venue

Date & Time

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